Tanyse MacLeod - Broker 165 Pretoria Ave Ottawa, ON K1S 1X1 Phone: 613-761-2264 Email Tanyse

Seller's Guide


Selling Your Home
 

You thought about it, weighing all the pros and cons. And then you probably thought about it some more. Finally you have decided to sell your home. Now you are feeling anxious because you are not sure what the next step is. Well, for starters, relax. Believe it or not, for most sellers making the decision to sell is the hard part. The task of selling is less daunting once you realize there are distinct steps in the process and that help is available. 

Marketing Your Home
 
Selling your home requires a good marketing strategy that is well executed. A professional realtor is experienced in implementing such market strategies and can help you sell your home quickly. Therefore, the first formal step in marketing your home will probably be to enter into a listing agreement with a realtor. The listing agreement is a contract that commits your realtor to actively market your home for a specific period. In the case of properties that will be listed under the Multiple Listing Service (MLS), the listing must be for a minimum of 60 days. In return, you commit to a pre-established marketing fee that you pay your realtor on successful closing of the sale. The marketing fee is basically whatever you and your realtor agree on.

Once you have formalized your relationship with your realtor, your home will be promoted in a number of ways. Your realtor will determine the most suitable means of marketing your home through such avenues as the realtor's own property advertising publications, local newspapers, direct mail drops and open houses.

When listing your property there will be certain information your realtor will want. For example, your realtor may want to see:

  • a survey or location certificate (sometimes referred to as a real property report) - this outlines the lot size and location of buildings on the property, as well as setting out details of encroachments. If you have made significant changes to your property since the time the survey was done (usually when you bought the property), it may have to be updated by a certified surveyor;
  • property tax receipts;
  • a legal description of your property and proof of ownership (e.g., the deed or a title search);
  • information concerning the cost of running your house, e.g., annual heating, electrical and water expenses;
  • you may be required to sign a property condition disclosure statement, indicating, for example, whether there is any asbestos, or urea formaldehyde insulation, whether there are any non-conforming uses (e.g., a basement apartment for which permission has not been granted), etc.

    Pricing Your Home
     

    Determining the right asking price for your home is the single most important decision you will make when selling. Ultimately, the value of your home will be determined by the market, but to get a sense of the market value your realtor can prepare a comparative market analysis. The analysis will consider the location, size, style and condition of your home as compared to homes that recently sold and homes currently listed in the area. Pricing your home correctly from the outset is important for a variety of reasons. First, by pricing it right your property will be exposed to more qualified buyers and chances are it will sell faster. Furthermore, the closer your price is to market value the more likely it is to generate competing offers, and competing offers often generate higher prices. As well, by pricing a house to high initially, potential buyers may be missed because buyers looking in a lower price range will never see the house.

    Lasting Impressions
     

    In addition to price, the condition and appearance of your home are important factors in how easy it is to sell. There are a number of simple things you can do that will help your house show well. For example, ensure that the house numbers are easy to read, keep the garage or carport clean , make sure the doorbell works, keep your lawn neatly trimmed and garden weeded, and keep your front porch or foyer neat and tidy. On the interior, make sure doors and cupboards are closed, floors are clean, that the air has a fresh smell, etc.

    The Offer
     
    An interested buyer will ultimately make an offer at a price that is usually below the asking price. The disparity between the offer and the asking price will depend on a variety of factors, inlcuding how close the asking price is to market price, whether it's a buyer's or seller's market etc.In most provinces there is a standard offer form (often called the agreement of purchase and sale) that contains the terms common to most transactions. Of course, a buyer can customize an offer. For example, the offer may be conditional to a home inspection, or subject to the buyer selling his or her current home. As well, the offer may be subject to certain items being included or excluded, such as appliances, window treatments, or even the crystal chandelier in the dining room. The offer will usually specify a closing date, which can depend upon such things as whether the buyer must close on the sale of his or her current home.

    The offer is accomanied by a deposit (ususally payable to your realtor, who holds the deposit in trust). The deposit shows the buyer's good faith and if the offer is accepted the deposit is applied toward the purchase price at closing.

    The offer will also specify for how long it is open, which will depend on a number of factors, including how active the market is. During this period the seller must carefully consider all the terms of the offer. If there are any terms or conditions that the seller does not agree with, the seller must either reject the offer or make a specific counter-offer. For example, fixtures normally are considered part of the property and unless the agreement specifically states that certain fixtures are not included, acceptance of an offer would include all fixtures.

    If an offer is accepted that has various conditions, the seller should remember that if a condition is not satisfies within the time allowed, the offer is no longer valid and the buyer has the right to the return of the deposit.


    Once the Offer is Accepted
     

    When the final offer is accepted, the seller will contact his or her solicitor , who will prepare the documents needed to close. (Of course, sellers may wish to contact their solicitor earlier in the process.) To prepare for closing the solicitor will require various documents, including the deed, the survey, and title search; the solicitor may require that these documents be updated. Meanwhile, during this period the buyer and his or her solicitor will have a number of things to do as well, including finalizing financing, arranging for insurance, etc. When all paperwork is finalized - all the i's dotted, and t's crossed, the deal will close and the buyer will pay the sale price to the seller who will turn over the keys and, in most cases, the buyer will take possession of the house. (In B.C. the date of possession is usually one to three days after closing.)



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    Selling your home: Where to begin?


    First Impressions
    Remember what first attracted you to your house when you bought it? What excited you about its most appealing features? Now that you're selling your home, you'll need to look at it as if you were buying it all over again.

    A spruced up house makes a great first impression on potential buyers. An attractive property grabs their attention and makes them excited about finding a house that looks and feels well-cared for. Because buyers know they’ll encounter fewer problems if they buy it, your house becomes more appealing and stands out from the competition. So if you prepare your home correctly, you’ll save time selling it when it’s on the market.

    A good first impression makes an impact on a number of levels. It’s not just the way your house looks to potential buyers, but how it feels and smells to them, how their friends and family will react, how they imagine it would be to live there.

    With simple improvements throughout your house, you can grab the attention of potential buyers and help them see why your house is right for them.

    Download the full report below which includes checklists to keep you on track to get your home in tip-top shape to sell!

    Selling Your Home - Where Do you Begin?
    A spruced up house makes a great first impression on potential buyers. It can be as simple as cleanliness that will help sell your home faster and for more.
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    Preparing Your Home For Sale


    First impressions make a significant impact on a buyer's decision-making process! 

    Once your home goes on the market, it becomes a product. Home Styling or Staging simply allows you to highlight the best of your home and de-emphasize its flaws. It's not about decorating, but actually turning your home into a model, to appeal to the broadest range of prospective buyers. The goal is to make people feel like they could live there, and the best way to do this is to "neutralize" the surroundings.

    Bathroom02.jpg  Bedroom01.jpg

    Try out these helpful styling tips taken from Setting the Stage - REALTOR® Magazine Online. They've compiled the best tips from stagers and real estate pros—things you can do for little or no expense—to put a home in prime showing shape.

    • Clear out closets and clutter—sellers can give away or pack up toys, linens, and small kitchen appliances to store offsite. Buyers are also forgiving of storage boxes neatly tucked away in a garage or basement.
    • Focus most on the most visible areas—the foyer, kitchen, living room, master bedroom, and family room.
    • De-personalize the home by removing photos, mementos, and dated items.
    • Use plants in colorful pots or inexpensive wicker baskets to fill in empty spaces.
    • Look to home catalogs for little details on beautifying the home. For instance, group books, pictures, and objets d’art appealingly on bookcases.
    • Try angling one or two pieces of furniture slightly and move furniture 4 inches to 6 inches from the wall to create more interesting room spaces.
    • Put away large collections— porcelains, plates, and so on.
    • Remove valuables, prescription medicine, collectibles, and breakables.
    • Trim trees, prune shrubs, and make sure the lawn is mowed and watered regularly.
    • In summer, turn on the sprinklers for five minutes, 30 minutes before the open house. It makes the lawn and driveway sparkle.
    • Refrain from cooking anything that leaves a distinctive odor, such as fish, garlic, or cabbage.
    • Hire a professional service to clean the home, including the carpets and the windows.
    • Set the dining room table with attractive linens, dishes, and stemware.
    • Arrange fresh or silk flowers throughout the home.
    • Light a fire in the fireplace in fall and winter.
    • A mirror in a pretty frame can make a small room feel more open.
    • Use as much natural light as possible. Add extra lamps in dark rooms or corners.
    • Make functional repairs—fix dripping faucets, sticking doors, and broken fences.
    • Bring in another pair of eyes—even if it’s not a professional stylist. The person may see problems you and have missed.

    Common Selling Mistakes


    Mistake #1 -- Placing the Wrong Price on Your Property
    Every seller obviously wants to get the most money for his or her product. Ironically, the best way to do this is NOT to list your product at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price.

    Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value
    Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your realtor for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.

    To download the full report simply fill in your email address and it will be sent to you immediately!

    Common Selling Mistakes
    There are some common errors that can be avoided when you are selling your home. I want to make sure you are well informed.
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    Selling a Home in Ottawa, Ontario


     


    Selling your home is an involved process that affects your family and your future.  Before you begin this process, you'll want to ensure that you have the most up-to-date information.  When should you sell?  How do you get the best price? What kinds of renovations should be made prior to the sale? 

    These home selling reports will assist you in answering the many questions that arise during the home selling process.  When you're armed with the right information, and an experienced real estate professional, you'll be closer to reaching your goal - selling your home fast, and for the best price.

    Please contact us if you have any questions about selling your Ottawa home. 

    Below, select desired reports and complete the form provided.

    Common Selling Mistakes
    Learn the top nine selling mistakes, and what steps you can take to avoid them.
    Selling Your Home
    Remember what first attracted you to your house when you bought it? What excited you about its most appealing features? Now that you're selling your home, you'll need to look at it as if you were buying it all over again.
    Surviving the Sale
    Getting a good price for your home is important, but minimizing stress and simplifying the selling process can be just as essential.
    The Right Selling Price
    When you’re selling your home, the price you set is a critical factor in the return you’ll receive. Learn several factors to base the assessment of your home.
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